山城啤酒"内战"戛然而止。 （作者｜周琦编辑｜张广凯） 1月6日，重庆啤酒一纸公告，给持续五年的纠纷按下暂停键。 公告显示，公司与参股公司重庆嘉威啤酒有限公司（下称"重庆嘉威"）在二审阶段正式签署《调解协议》，诉讼程序以调解结案。 公司公告 这意味着，从2020年首起诉讼算起，拉锯数年的包销合同纠纷终于走出法院，回到生意场。 截至1月7日收盘，重庆啤酒报52.39元/股，市值为253.55亿元。 根据协议，重庆啤酒或其子公司将向嘉威一次性支付1亿元（不含税），用以结清截至2025年12月31日前全部的"量价差结算款"。 款项支付完成后，双方就此前包销协议履行相关事项的所有争议将终结，后续互不索赔、互不追究责任。 更重要的是，双方设定了三年过渡期。 在重庆啤酒12月发布的"拟签订《调解协议》公告"中，双方也就过渡期的合作方式，达成约定。 公司公告 合作的最后三年里，重庆啤酒每年固定向重庆嘉威采购14.26万千升啤酒，平均采购价4000元/千升（不含增值税），按年度结算多退少补。 若嘉威全年销量不足14.26万千升，公司须次年3月31日前补量；补量未足，按缺口阶梯现金补偿（≤11万千升部分2500元/千升，余18 ...

从分产品维度来看，目前各品牌的占比情况和增速如何？ 重庆啤酒 20251217 摘要 2025 年第四季度消费平稳，略好于去年同期低点，但对全年影响不大。 嘉士伯、乐堡、风花雪月和乌苏前三季度销量增长，重庆和大理品牌有 所下降。乌苏啤酒通过新品推出和渠道拓展，在疆内外均实现增长。 1986 版绿乌苏替换老版绿乌苏的升级已完成过半。吨价增长受消费环 境影响，消费者倾向于性价比高的产品，公司减少 12 元以上价格段啤 酒，集中于 8-10 元价格段，新产品推广需更多折扣，影响 ASP。 费用投放策略因地制宜，今年略高于去年，明年视市场而定。短期内， 公司希望通过 8-10 元价格带产品稳住并提升产品结构，保持竞争力。 预计明年消费状况与今年相似，啤酒整体销量可能微跌。 公司将拓展非现饮渠道，如新零售、即时零售及零食量贩，推出更多一 升灌装产品，尝试新的品牌策略。截至 2025 年第三季度，集影渠道销 量占比约 44%，非集影渠道约 56%，未来比例可能继续变化。 非直营渠道中，品牌影响力至关重要。全国性现代零售平台扩张带来新 机遇。即时零售渠道一升灌装产品销量最高，推动公司罐化率迅速提升， 从 2019 年的 1 ...

重庆啤酒与重庆嘉威啤酒有限公司（下称"重庆嘉威"）的诉讼案有了新进展。 12月15日晚间，重庆啤酒披露公告，称双方拟在二审阶段达成调解，如顺利达成调解，则诉讼程序将以 调解结案。 这场纠纷的重点在于，当初签订的包销协议中关于销售费用的约定。 但承诺的弥补一直被拖欠。重庆嘉威于2017年12月再次提出异议，要求履行承诺，彼时重庆啤酒高管 称"如果暂时得不到解决，重庆嘉威啤酒所欠的销售费用3800万元可以暂时不支付"。 拉锯战持续多年。期间，重庆啤酒曾受到中国证监会监查，上述3800万元的销售费用应收款属于非经营 性资金占用，违反了上市公司的监管政策，要求立即归还。 2018年，双方就此召开了专题沟通会。会上，重庆啤酒主动提出对2018年7月后的销售费用以半年为单 位结算并延期半年支付的原则执行；重庆嘉威则提前于2018年9月14日向重庆啤酒提前支付了按约定不 需支付的2018年6月以前的全部销售费用3857.8万元。 而后双方一直按照新约定执行，直到2021年重庆啤酒强行每月扣留重庆嘉威啤酒款冲抵销售费用。 2021年2月，重庆啤酒以重庆嘉威欠付销售费用为由，发起了销售费用纠纷诉讼。双方对簿公堂，数轮 交战，持 ...

Core Viewpoint - The Chinese beer industry is undergoing structural adjustments and a transformation in consumer logic, with Chongqing Beer exploring a path that balances local culture and global vision through a dual strategy of local and international brands [2][4]. Product and Channel Transformation - Chongqing Beer has focused on continuous upgrades in product structure and strategic reshaping of channel resources, responding to the slowing growth of the beer industry by innovating in product offerings and channel strategies [2][3]. - The company has launched approximately 30 new products this year, including craft beers, tea beers, and low-alcohol options, while also expanding into non-beer categories like fruit drinks and energy drinks [3]. - The shift towards non-on-premise channels has seen over half of the company's sales coming from these channels, with partnerships established with platforms like Meituan and JD Daojia to enhance distribution [3]. Local and International Brand Synergy - The combination of local and international brands is a key competitive advantage for Chongqing Beer, with local brands accounting for over 70% of total sales, particularly in base markets like Chongqing [4][5]. - Local brands are deeply connected to regional culture, while international brands bring a sense of fashion and vitality, allowing for complementary growth and channel synergy [5][6]. Geographic Expansion and Category Diversification - Chongqing Beer plans to continue its "big city strategy" to enhance its presence in high-potential markets, particularly in South China, where local production has been established to reduce logistics costs [6][7]. - The company aims to upgrade its product structure and accelerate its expansion into non-beer categories, focusing on deeper consumer engagement and continuous iteration of new products [7]. Digitalization and Operational Efficiency - The company emphasizes the role of digital tools in enhancing channel efficiency, aiming for better inventory management and market insights through data optimization [7]. - Continuous iteration is highlighted as a crucial strategy for responding to competition from new beverage brands and the entry of liquor companies into the beer market, with a focus on rich product offerings and efficient channels [7].

Core Insights - The Chinese beer industry is undergoing structural adjustments and a transformation in consumer logic, with companies like Chongqing Beer exploring a dual strategy of local and international brand integration to adapt to these changes [1][4] Group 1: Company Performance - Chongqing Beer reported a sales volume of 2.6681 million kiloliters and revenue of 13.059 billion yuan in the first three quarters of 2025, with an operating profit of 3.233 billion yuan [1] - The company's president emphasized that the stable performance is attributed to continuous optimization in product structure, channel focus, and brand combination [1] Group 2: Product and Channel Innovation - The company is focusing on two main areas for innovation: continuous upgrading of product structure and strategic reshaping of channel resources [2] - Chongqing Beer has launched approximately 30 new products this year, including craft beers, tea beers, and low-alcohol beers, while also expanding into non-beer categories like fruit drinks and energy drinks [2][5] - The company is shifting resources towards non-on-premise channels, with over half of its sales now coming from these channels, and has partnered with various instant retail platforms [2] Group 3: Brand Strategy - Chongqing Beer's competitive advantage lies in its combination of local and international brands, with local brands accounting for over 70% of total sales [3] - The local brand "Wusu Beer" has become a representative national brand, while "Chongqing Beer" has established a strong presence in regional markets [3] Group 4: Future Outlook - The company anticipates that the Chinese beer market will continue to grow, shifting from quantity-driven growth to quality-driven growth [4] - Chongqing Beer plans to enhance its geographical presence, upgrade its brands, and optimize its channels to achieve sustainable and quality growth [4][5] - The company is also focusing on digitalization to improve channel efficiency and market responsiveness [5]

Core Insights - The Chinese beer industry is undergoing structural adjustments and a transformation in consumer logic, with companies like Chongqing Beer exploring a dual strategy of local and international branding to adapt to these changes [1][3] Product and Channel Transformation - Chongqing Beer is focusing on product structure upgrades and strategic channel resource reallocation to address the slowing growth in the beer industry [2] - The company has launched approximately 30 new products this year, including craft beers and non-beer beverages, to capture evolving consumer preferences [2] - Non-on-premise channel sales now account for over half of the company's total sales, with partnerships established with major instant retail platforms [2] Local and International Brand Synergy - The combination of local and international brands is a key competitive advantage for Chongqing Beer, with local brands accounting for over 70% of total sales [3] - The company’s local brands, such as "Wusu Beer" and "Chongqing Beer," dominate the market share in their respective regions, enhancing brand recognition and consumer loyalty [3] Geographic Expansion and Efficiency Improvement - Chongqing Beer plans to continue its "big city strategy" to deepen its market presence in high-potential areas, particularly in South China [4] - The establishment of the Foshan brewery has improved supply chain efficiency and reduced logistics costs, supporting the company's growth in the Greater Bay Area [4] Brand and Category Development - The company aims to upgrade its product structure and expand into non-beer categories to meet diverse consumer demands [5] - Emphasis is placed on continuous iteration and gradual market penetration rather than seeking immediate blockbuster products [5] Digitalization and Operational Efficiency - The company is leveraging digital tools to enhance channel efficiency, optimize inventory management, and improve market responsiveness [5] - Continuous iteration is highlighted as a crucial strategy to navigate competition from new beverage brands and adapt to changing consumer preferences [5]

Summary of the Conference Call for Chongqing Beer Industry Overview - The beer industry is experiencing a slight decline in overall sales for 2025, but specific brands such as Carlsberg, Fenghua Xueyue, Lebao, and Wusu are showing growth [2][6] - The company is focusing on high-end product development, with a significant emphasis on products priced above 4 RMB [2][9] Key Points and Arguments Brand Performance - Carlsberg continues to grow in the South China market [2][6] - Fenghua Xueyue has achieved double-digit growth after nationwide promotion [2][6] - Lebao remains the company's second-largest product, continuing its growth trend [2][6] - Wusu brand is maintaining high-end pricing and positive growth both inside and outside Jiangsu, with an estimated sales volume of 730,000 to 740,000 tons in 2024 and expected growth in 2025 [2][7] Market Dynamics - The company is segmented by geographic latitude, with significant growth in Xinjiang, where market share exceeds 90% [10][11] - The South China region is outperforming the Central region [11] Cost and Margin Outlook - A decrease in costs is expected to significantly contribute to gross margins in 2025, although the rate of decline is anticipated to narrow in 2026 [2][13] - The company typically locks in pricing and volume for the next year by January, with preliminary indications suggesting continued cost reduction in 2026, albeit at a lower rate than in 2025 [13] Product Innovation and New Channels - The company is actively exploring new retail channels and product innovations, launching over 30 new products in 2025, including tea-flavored beer and low-alcohol variants [4][14] - The introduction of one-liter canned products is a key focus for 2026 [4][14] Consumer Trends and Challenges - The decline in the economy segment (priced below 4 RMB) is noted, but it represents a small portion of total sales (approximately 3%) [9] - The overall consumption environment is under pressure, impacting mainstream product categories [3][8] Financial Health and Dividend Policy - The company maintains a 100% dividend policy, with a strong cash flow position supporting this strategy [4][19] - The depreciation from the new Foshan factory, which began operations in August 2024, is expected to increase from 40 million RMB in 2024 to over 90 million RMB in 2025, impacting costs [4][19] Future Outlook - The company remains cautious about 2026, with no clear recovery signs yet, but anticipates potential adjustments based on demand recovery [5][14] - Despite concerns over profit declines, the company is viewed as having a strong defensive position in the A-share market, with expectations for gradual improvement in the dining scene [20] Additional Important Insights - The company is adapting to new retail trends, including instant retail and O2O models, to enhance marketing and brand development [3] - The impact of the recent alcohol regulations on sales has been managed effectively, with strategies in place to stabilize sales [17][18]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is actively promoting the high-end non-dining segment, with effective channel strategies driving structural improvements. In Q3 2025, the company achieved a revenue of 41.1 billion yuan, a year-on-year increase of 0.6%, with a slight decline in volume but an increase in price [2][4]. - Cost benefits continue to drive gross margin improvements, although expenses and tax rate adjustments have negatively impacted profitability. In Q3 2025, the company’s gross margin increased by 1.7 percentage points, while the net profit margin decreased by 1.2 percentage points year-on-year [3][4]. - The company aims to expand its market share and embrace the high-end non-dining trend, anticipating a recovery in industry demand. The revenue projections for 2025-2027 are 149.37 billion, 152.06 billion, and 154.57 billion yuan, respectively, with corresponding net profits of 12.36 billion, 12.85 billion, and 13.31 billion yuan [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 130.59 billion yuan, a slight decrease of 0.03% year-on-year, and a net profit of 12.41 billion yuan, down 6.83% year-on-year. In Q3 alone, revenue was 42.20 billion yuan, with a net profit of 3.76 billion yuan, reflecting a year-on-year decline of 12.71% [1][2]. - The company’s beer revenue for the first three quarters reached 127.1 billion yuan, a year-on-year increase of 0.1%, with volume and price changes of +0.4% and -0.4%, respectively [2]. Cost and Margin Analysis - The company’s cost per ton decreased by 2.3% year-on-year in Q3 2025, contributing to a gross margin increase of 1.7 percentage points. However, the increase in sales and management expenses, along with a higher tax rate, led to a decrease in the net profit margin [3][4]. Future Outlook - The company plans to continue expanding its market share and is optimistic about the recovery of the industry, driven by ongoing consumer policy support. The long-term outlook for the beer industry remains positive, with significant upgrade potential [4].

Investment Rating - The report maintains a "Strong Buy" rating for Chongqing Beer, with a target price of 67 yuan [2][9]. Core Views - The company reported a total revenue of 13.06 billion yuan for the first three quarters of 2025, which is approximately flat year-on-year. The net profit attributable to shareholders decreased by 6.8% to 1.24 billion yuan [2][9]. - The report highlights that despite short-term profit pressure, the value of dividends is becoming more prominent. The company is expected to improve profitability in the coming year due to various factors including cost management and tax rate stabilization [9]. Financial Performance Summary - For Q3 2025, the company achieved a total revenue of 4.22 billion yuan, a slight increase of 0.4% year-on-year, while the net profit attributable to shareholders fell by 12.7% to 380 million yuan [2][9]. - The report projects total revenue for 2024 to be 14.645 billion yuan, with a slight decline of 1.1% year-on-year, and anticipates a recovery in net profit growth starting in 2025 [5][9]. - The company’s gross margin improved by 1.7 percentage points to 50.9% in Q3 2025, attributed to cost optimization and product mix upgrades [9]. Market and Product Insights - The report notes that high-end products are performing well, with a 3.7% increase in sales for premium products, while mainstream and economy products saw declines of 3.2% and 10.5% respectively [9]. - The company is actively expanding its high-end product offerings and exploring new channels to capture growth, particularly in underperforming regions [9]. Future Outlook - The report suggests that the company’s profitability is expected to improve in the coming years due to sustained cost advantages and a focus on high-margin products [9]. - The earnings forecast for 2025-2027 has been adjusted to 1.154 billion yuan, 1.264 billion yuan, and 1.346 billion yuan respectively, reflecting a positive outlook for the company's financial performance [9].

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer (600132.SH) [1] Core Views - In the first three quarters of 2025, Chongqing Beer achieved operating revenue of 13.059 billion yuan, a slight decrease of 0.03% year-on-year, and a net profit attributable to shareholders of 1.241 billion yuan, down 6.83% year-on-year [6] - The third quarter of 2025 saw operating revenue of 4.220 billion yuan, an increase of 0.41% year-on-year, while net profit attributable to shareholders was 376 million yuan, a decrease of 12.71% year-on-year [6] Summary by Sections Revenue Performance - In the first three quarters of 2025, the company sold 2.6681 million kiloliters of beer, a year-on-year increase of 0.4%. However, Q3 sales were approximately 867,300 kiloliters, down about 1.2% year-on-year, indicating a slowdown compared to the first half of the year [7] - The average price per ton of beer in the first three quarters of 2025 was approximately 4,765 yuan, a decrease of 0.4% year-on-year, while in Q3, it was about 4,737 yuan, an increase of 1.8% year-on-year, showing a quarter-on-quarter improvement [7] Cost and Profitability - The gross profit margin for the first three quarters of 2025 was 50.17%, up 0.97 percentage points year-on-year, primarily due to product structure optimization and a decrease in raw material prices [8] - The net profit margin for the first three quarters of 2025 was 19.01%, down 1.4 percentage points year-on-year, reflecting the impact of increased expenses and tax rates [8] Strategic Initiatives - The company is actively transforming its channels and innovating product categories in response to a challenging macro environment. It is shifting focus towards non-on-premise channels, which have seen an increase in sales proportion [9] - New product innovations include 1L craft beer products aimed at home consumption and low-alcohol beers to cater to diverse consumer preferences. The company is also expanding its non-beer product line with new soft drinks and energy drinks [9] Financial Forecast and Valuation - The report maintains profit forecasts for 2025-2027 at 1.199 billion, 1.258 billion, and 1.311 billion yuan respectively, with corresponding EPS of 2.48, 2.60, and 2.71 yuan, and PE ratios of 22x, 21x, and 20x [11]